Chicago Soy Firms Amid Argentina Drought Concerns
THE Soy Chicago rose on Monday, buoyed by concern that drought-damaged crops in Argentina may face more dry weather.
Wheat rose slightly after hitting four-week highs earlier in the session on fears that a cold snap in the US grain belts USA could damage crops, while possible escalations in war Russia–Ukraine also supported prices.
The most active soybeans on the Chicago Board of Trade rose 25.75 cents to settle at $15.3525 a bushel after hitting $15.38, the highest since Jan. 18.
Wheat rose 2.5 cents to close at $7.5250 a bushel after hitting $7.6250, the highest since Jan. 4.
Corn gained 75 cents at $6.8375 a bushel.
“Grains are keeping an eye on the weather in southern Brazil and Argentina, which is drying up again,” said Jack Scoville, market analyst at The Price Futures Group.
Drought conditions across Argentina continue to hurt soy production as forecasts again turn dry despite recent rains that helped crop performance.
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